The 1997 revised tax law says we can no longer roll over capital gain in the family home. The one-time exclusion of $125,000 is also gone. Instead, we have something even better. Now, each spouse can take up to $250,000 exclusion if they have lived in the house two of the past five years.
If your house has a very large capital gain, you should consult with a CPA or a financial divorce specialist to see how to handle this the best way. It is possible for both spouses to take the $250,000 exclusion for a total of $500,000 if it is handled properly.
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